Changing Banknotes Will Decline the Value of the Naira —Minister of Finance Said Zainab Ahmed The Minister of Finance, Budget and Pla...
Changing Banknotes Will Decline the Value of the Naira —Minister of Finance Said Zainab Ahmed
The Minister of Finance, Budget and Planning, Zainab Ahmed, has criticized the plan of the Central Bank of Nigeria (CBN) to change some currency notes, saying that this could destroy the value of the Naira.
Minister Zainab Ahmed explained to the Senate that the CBN did not advise her ministry on changing the currency notes.
"Dear senators, the CBN did not consult with us at the Ministry of Finance before taking this step to change some Naira notes, so we cannot borrow from them and feed them onions.
"But as a senior university in the field of financial planning in Nigeria, this plan that is being implemented now, is very dangerous for the value of the Naira in the currency exchange market."
Minister Zainab Ahmed made this speech when she was defending her ministry's budget before the Finance Committee of the Senate on Friday.
Her statement comes after Senator Michael Okpeyemi Bamidele complained to her that just two days after the CBN announced the plan to change the 100 to 1,000 Naira notes, the exchange rate of the Dollar has gone up from 740 Naira to N788.
If we don't forget, it was on Wednesday that the CBN Governor, Godwin Emefiele announced the change of currency notes from December 15, 2022.